Amendment status not verified — confirm the current text below against the official source.
Amalgamation, transfer of assets and liabilities and division of co-operative societies.- (1) A co-operative society may, by a resolution passed by a two-thirds majority of the members present and voting at a general meeting of the society,— (a) divide itself into two or more co-operative societies; or (b) transfer its assets and liabilities in whole or in part to any other co- operative society which by a like resolution agrees to such transfer. (2) Any two or more co-operative societies may, by a resolution passed by a two-thirds majority of the members present and voting at a general meeting of each such society amalgamate themselves and form a new co- operative society. (3) The resolution of a co-operative society under sub-section (1) or sub- section (2) shall contain all particulars of the transfer, division or amalgamation, as the case may be, and no such resolution shall have any effect unless approved by the Registrar. 1 [Provided that in the case of a co-operative bank, the Registrar shall not approve such resolution without the previous sanction in writing of the Reserve Bank.] 1